Metalicity Limited is an Australia based company involved in exploration, development and mining for nickel and copper deposits in the Fraser Range and copper sediments in the Pilbara Region, both located in the world first jurisdiction of Western Australia.
As per latest ASX announcement, Metalicity Limited (ASX:MCT) reports the identification of targets from a first pass review of its recently secured copper exploration projects. The copper project covers a total area of 2166 kilometre square in the Pilbara region, Paterson province of Western Australia.
The company identified four targets areas at Pilbara region. They spread across 908-kilometre square utilizing advanced geophysical filtering, structural discovery modelling and geological evaluation of structural controls of copper deposits. This is constituted by 550- kilometre square by two targets at Mandora Project and 358- kilometre square by two targets at Desert Queen project.
The Desert Queen project spreads across 679-kilometre square and The Mandora project covers a total area of 1,487-kilometre square in the Paterson. Both the projects are adjoining Rio Tinto tenements.
Corporate Geoscience Group (CGSG) assisted the company with target identification at the Pilbara copper deposits.
The company is undertaking further targeting work, field work and remote sensing surveys while working through the endowment of tenements.
Metalicity is progressing a copper prospectivity study across the entire Pilbara Region of Western Australia including 30 stratigraphic districts, and recently secured more than 2,166-kilometre square of Exploration License Applications (ELA’s) in the Paterson Province.
Metalicity entered into a formal agreement with Kimberley Mining Limited in May this year on the T&Cs of the sale of the Company’s zinc projects - including Admiral Bay, Napier Range and Emanuel Range. By retaining around 40% of the capital of Kimberley Mining, Metalicity will retain exposure to the upside without the associated financial risks.
As reported in September, Metalicity completed the sale to its newly created Canadian subsidiary. It received the first cash payment AUD 531,436 of a total of up to AUD 13.28M, subject to successful Kimberley IPO listing and certain milestones.
Metalicity also runs lithium projects in Pilgangoora region of Western Australia spreading across 515-kilometre square of exploration base. Also, its Kyarra cobalt project covering 210- kilometre square of exploration base possesses high mining potential of cobalt deposits.
As per the annual financial report, Metalicity reported net profit of $ 5,20,752 up from last year’s $5,01,387. The company also reported drop in expenses from $33,26,832 in 2017 to $28,23,322. Earnings per share decreased to 0.43 cents as compared to last year’s 0.62 cents. The company has a market capitalization of 9.64 million and Earnings per share of -0.004 AUD.
Metalicity’s shares are currently trading around $0.018 (up 12.5%) as compared to previous close of $0.016. The company’s stock is giving a negative YTD return of 58%. However, its performance has improved over last 3 months generating a return of around 7%.